The Tucson Luxury Foothills Market has Probably Bottomed Out in Price

My best guess is the Foothills market–which is primarily in zip codes 85750 and 85718— has hit the bottom as far as prices are concerned.  Like the stock market, it is next to impossible to pick the exact time when it hits bottom and then will gradually move up, but my best guess is it has arrived and perhaps is beyond having hit the bottom and it is on its way up.  The inventory of good homes is depleting, so you snowbirds that are still here should not wait any longer, because when you come back next year, I expect you will not not have as many choices, and the ones you have will be more expensive. You may ask how do I know this? The answer is simple, I am always showing and previewing homes listed for sale in the Foothills which is the area in which I specialize and I do a “Daily Report” from the Tucson Multiple Listing Service to see what homes are newly listed, have been reduced, have gone under contract and have sold in the North and the Northeast of Pima County. When they sell I can see what the list price was and the final sales price and then I can also remember what the house looked like.  It is really not rocket science. So this post will remain and I will look back in six months and see if my prediction was correct.

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